Make sure to listen to a recent radio interview with Nicholas Wapshott, author of the new book, “Keynes Hayek: The Clash That Defined Modern Economics.”
What was the relationship between Keynes and Hayek really like?
Why did Keynesian thought dominate from WWII until 1980?
Why did Hayekian thought dominate from 1980 until the recent crisis?
Which thought will utlimately win?
What’s an important lesson economists and policymakers can take away from this book today?
Be sure to listen to answers to these questions and more by listening to the link above!
I understand Keynes concern after the struggle of wwII and where Hayek's way worked wonders when innovation hit, but the crisis today was caused by deliberate acts and dictate of government for the ability to take full advantage of Keynes way or any way but the way it is now struggling to exist. Government represents exaggerating matters and urgent acts of implements that the market could've handled without an unconstitutional consideration to a "bailout."
The collapsing of America's economy doesn't have to exist today if the president was true to America's energy independence! There's no sign of it as he places America under rule where everyone else in the world gets to go about their drilling way. His work is obvious to show only to collapse America's capitalism. He has to collapse us to a 3rd world to bring in "one world government." But we can't let him do that. We have to hold him accountable to the rules and laws of, for and by the people. The world does not need one government that interferes, disrespects, burdens or controls personal freedoms. Hayek's way or whatever way promotes freedom and the dignity to provide for ones own, is the way it should be for all people living today! ones life is ones expense. with of course rational and practical reasoning.
Just to note the book of the Bible. No one knows the time or day. Nor should the acts of collective behavior in ones control lead us through the book of revelation spelled out. To protect, teach and strengthen what our Father has given to all His creation of mankind, we must use to spread the truth and fight against all evil! There are many people with a chance to bring themselves to the truth! With the help of the truthful, many will!
Very good interview!
Heh. "A real movement." You would have been one of those enlightened people who were so shocked when Nixon one his landslide. That's how close you are to the mainstream. ?
Ronald Reagan had an economics degree & read read Mises, Hayek, Friedman & other economics, in later yearsunder the tutelage of Hoover Institute's Martin Anderson.
It's time to stop dismissing Reagan's education & study habits.
yeah he did then he went on a spending spree that contridicted his Austrian school background. And for the guy enterviewed in this story to say weve been on a Heyekian course from 80 to 07 is ubsurd the mischief of the fed and the artificial supression of interests rates were the single biggest factors that drove our economy as the whole ediface shifted to feed off of the creation of debt with the absence of any real collatoral. In a free market this would never have happened because the moral hazard that induced banks to overlook the viability of the borowers ability to pay back would not exist. It is the system of fractional reserve lending that generated the temptation for the abuse of the use of credit default swaps it did not matter to the banks, any excuse they could use to expand the debt they created was benificial to them .
any excuse they could use to expand the debt they created was beneficial to them, with compliments from the government who also benefits. "lets neglect our job of oversight, instruct banks toward whatever furthers our cause and let em' go so we can blame them." While the innocent suffers the consequences and irresponsible people who won't budget themselves to afford a home gets one anyway off the backs of the responsible, who are also unfairly accountable to the property taxes of the free loader home owners!
"Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem http://www.youtube.com/watch?v=d0nERTFo-Sk
Fight of the Century: Keynes vs. Hayek Round Two http://www.youtube.com/watch?v=GTQnarzmTOc
Read "Reckless Endangerment" by Morgenson & Rosner and get a better idea of what went on several years before this crisis & bubble burst into the general population. It's a must read to be able to discuss these modern day problems w/ some reported truth.